Bitcoin pinned to hit $160,000 this year, we haven't seen 2021 'highs'

The price of Bitcoin (BTC) is suffering, and everyone that is involved in the cryptocurrency market has felt its effects.

However, the suffering of BTC's price may come to an end relatively soon, or at least according to Celsius, a centralized cryptocurrency lending platform CEO Alex Mashinsky. The Celsius head has pinned BTC to reach $160,000 before the end of the year, saying to Cointelegraph that "we haven't seen the highs yet for 2021". Additionally, Mashinsky said that in the past, he called that the price of BTC will correct and that this happens when "When you go too high, too fast".

Mashinsky goes on to use a metaphor for the price of BTC, saying that BTC is much like a spring "Bitcoin is like a spring - we stretch it too much and we put too much leverage. Too many people got greedy." Using Mashinsky's metaphor, it seemingly appears the current stage of the market is after the spring has reached the apex of its stretch and has now recoiled back to its normal tension. For more information on this story, check out this link here.